FCA says just 1.2% of RBS mortgage advice sound

By Tom Porter
28 Aug 2014

The Financial Conduct Authority fined Royal Bank of Scotland just under £15m this week for “serious failings” in its advised mortgage sales business, saying that only two of the 164 sales reviewed were considered to meet the regulator’s standard.

The £14.47m fine pales in comparison to the fines paid by the 81% government-owned group for misconduct such as the rigging of the Libor rate, but is a blow to chief executive Ross McEwan’s attempts to restore RBS’ reputation as he scales down investment banking operations and refocuses ...

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